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Information technologies are among the most important drivers of economic growth. These technologies build upon one another to enable robust productivity growth. For example, telecommunication networks serve as the foundation that connects people and businesses to the economy through smart phones and high-speed Internet access. Faster computers and ever improving software offer workers a host of features to perform tasks faster and easier.
By tracking how much an economy invests in IT, economists can estimate how such investments have increased economic growth. A World Bank report finds that from 1995 to 2014, investments in IT accounted for 20 percent of growth globally. They also find that among developing countries, the figure averaged 15 percent, reflecting lower rates of IT investment.